New Zealand Reserve Bank recognizes that more regulation is not the answer to cyber threats

The Reserve Bank of New Zealand published a recent speech by Toby Fiennes, Head of Prudential Supervision for the bank, that included an in-depth analysis of the role of regulation in combating cyber threats. It has become rare in the current regulatory environment for an oversight body to reject an opportunity to create new regulation; even more rare for a regulator to so clearly articulate that regulation is not an answer to all questions.
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